NEWS
Supervised High Yield Fund
28 Aug 2015 - Australian Fund Monitors
Supervised High Yield Fund rose 0.47% in July, to bring annualised performance since inception to 10.06% p.a.
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28 Aug 2015 - Supervised High Yield Fund
By: Australian Fund Monitors
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| Fund Overview | The fund may also invest in interest rate swaps, options over authorized investments and exchange traded futures contracts. All these will be either listed or traded in a market where they can be independently valued. Fundamental to the investment procedure is the tenet that no debt security will qualify for investment unless it can repay 100% of its principal and interest in a worst case economic scenario. |
| Manager Comments | More than half of the portfolio's composition as a percentage (%) of NAV was invested in Residential Mortgage-Backed Securities (RMBS) 66.29%. The rest of the portfolio composition was in the US Corporate Loans at 22.06%, Cash at 7.45% and AUD Corporate Loans at 4.20%. Click below to view the latest Fund Manager Report. |
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Laminar Credit Opportunities Fund
28 Aug 2015 - Australian Fund Monitors
The Laminar Credit Opportunities Fund returned 0.48% over the month of July, delivered 7.58% over the past 12 months.
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28 Aug 2015 - Laminar Credit Opportunities Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund may also invest in derivatives for hedging purposes. The portfolio of the Fund comprises primarily Investment Grade holding of 75% of the Fund's assets. Benchmark allocations are Australasia 50% to 100%, North America 0% to 50% and Europe 0% to 50%. Currency hedging may take place depending on benefits to the Fund. |
| Manager Comments | Despite the volatility, the Fund produced a positive monthly return. This was helped by the Fund having a low weighted average credit duration (1.87 years as at July 31)/ The Fund Manager expects this low credit duration should help avoid significant volatility going forward, which could seen when the US Federal Reserve raise rates. In July, majority of the Fund's portfolio composition was in Residential Mortgage Backed Securities (RMBS) at 69% and Short-dated loans at 19%. Click on the link below to read the latest Fund Manager's Report. |
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Fund Review: Aurora Fortitude Absolute Return Fund July 2015
27 Aug 2015 - Australian Fund Monitors
Latest fund review now available on the Aurora Fortitude Absolute Return Fund, which has one of the most risk averse Key Performance Statistics of any fund in AFM's database.
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27 Aug 2015 - Fund Review: Aurora Fortitude Absolute Return Fund July 2015
By: Australian Fund Monitors
AURORA FORTITUDE ABSOLUTE RETURN FUND
We would like to highlight the following aspects of the Fund;
- The Aurora Fortitude Absolute Return Fund (AFARF) has a 10 year track record investing in ASX listed equities. A Market Neutral overlay is used across a multi strategy approach which allows for flexible asset allocation to maximise returns and minimise risk under a variety of market conditions and cycles.CIO John Corr has over 20 years financial market experience with a strong focus on risk.
- Significant use of low risk "long" derivatives and option overlays has provided positive returns with low volatility during periods of market dislocation. Risk statistics are impressive and shows the Funds risk philosophy; over 85% of monthly performances have been positive with no losing months in 2008, the Fund's largest drawdown is -2.09% and the Sharpe ratio 1.07.
- ASX listed Aurora Funds Limited was established on the merger of three existing fund management businesses, managing approx. $230m on behalf of more than 2,500 retail and wholesale investors.
Aurora Fortitude Absolute Return Fund Review June 2015APN Asian REIT Fund
27 Aug 2015 - Australian Fund Monitors
APN Asian REIT Fund rose 2.13% for the month July 2015.
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27 Aug 2015 - APN Asian REIT Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund aims to deliver a competitive yield with lower risk than the market. The underlying stocks are selected based on a highly disciplined investment approach that focuses on the fundamentals and number of valuation approaches. The universe is likely to be dynamic as new IPO's, other corporate actions take place and / or corporate governance improvements at country or REIT level bring new stocks into focus. The Fund focuses on passive rental earnings derived from well managed Asian REITs listed in mature capital markets and will not invest in infrastructure, property development companies or stocks with a 'loose association with property'. The Fund provides access to a wide spread of property-based revenue streams that are specifically analysed, selected and weighted with the aim of delivering strong and sustainable income returns. The Fund is an unhedged product. The Fund is suited to medium to long term investors seeking a relatively high income and some capital growth over the long term. |
| Manager Comments | The Fund under-performed the Bloomberg Asian REIT Index (Index) by 0.03%. Over the month, the top detractor contributing to the Fund's under-performance was their underweight position on Link REIT, which is the biggest constituent of the Index.The Fund had over 37% invested in the Retail REITs section and over 37% in Japan, geographically. Click below to read the latest Fund's July commentary. |
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Fund Review: Optimal Australia Absolute Trust July 2015
26 Aug 2015 - Australian Fund Monitors
Read the latest Fund Review on Optimal Australian Absolute Trust Fund.
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26 Aug 2015 - Fund Review: Optimal Australia Absolute Trust July 2015
By: Australian Fund Monitors
OPTIMAL AUSTRALIA ABSOLUTE TRUST
AFM have released the most recently updated Fund Review on the Optimal Australia Absolute Trust.
We would like to highlight the following aspects of the Fund;
- Optimal Australia is a specialist Australian equity investment manager and the Fund has a long/short equity strategy typically with a low but variable net market exposure comprising 40 to 65 stocks broadly selected from within the ASX200.
- The investment team comprising George Colman, Peter Whiting supported by Stephen Nicholls and Justin Hay have over 100 years combined experience in equity markets.
- The Fund's approach to risk is shown by the Sharpe ratio of 1.38 (Index 0.24), Sortino ratio of 3.04 (Index 0.23), both of which are well above the ASX 200 Accumulation Index and has recorded 80% positive months.
For further details on the Fund, please do not hesitate to contact us.
Signature Quantitative Fund
26 Aug 2015 - Australian Fund Monitors
Signature Quantitative Fund returned 0.60% for the month of July to bring annual performance since inception to 8.40% p.a.
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26 Aug 2015 - Signature Quantitative Fund
By: Australian Fund Monitors
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| Fund Overview | SQF has been established to profit from anomalies surrounding event driven, behavioural & factor based structural market inefficiencies which generate significant profits and are uncorrelated & persistent over time. Specific strategies such as dividend arbitrage, index addition and deletion, tax year end, capital raisings, among other strategies are used by the Fund. The Fund's initial focus is on investing in Australian and New Zealand markets. |
| Manager Comments | The Fund began trading the Dividend Arbitrage Strategy for the earnings / dividend season, which had a positive contribution. Capital Raisings strategy continued its out-performance. However the Alpha Capture strategy under-performed in a month of macro news and events dominating fundamental news flow. The portfolio had 15.3% net exposure of NAV in the Financials sector and 14.9% in Consumer Discretionary sector. Click the link below to view the latest Monthly Report. |
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Fund Review: Bennelong Kardinia Absolute Return Fund July 2015
25 Aug 2015 - Australian Fund Monitors
Latest Fund Review now available on Bennelong Kardinia Absolute Return Fund, which has over nine years of positive track record.
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25 Aug 2015 - Fund Review: Bennelong Kardinia Absolute Return Fund July 2015
By: Australian Fund Monitors
BENNELONG KARDINIA ABSOLUTE RETURN FUND
Attached is our most recently updated Fund Review. You are also able to view the Fund's Profile.
- The Fund is long biased, research driven, active equity long/short strategy investing in listed ASX companies with an nine year track record.
- The Fund has significantly outperformed the ASX200 Accumulation Index since its inception in April 2006 and also has significantly lower risk KPI's. The Fund has an annualised return of 12.84% p.a. with a volatility of 7.29%, compared to the ASX200 Accumulation's return of 5.37% p.a. with volatility of 14.18%.
- The Fund also has a strong focus on capital protection in negative markets. Portfolio Managers Mark Burgess and Kristiaan Rehder have significant market experience, while Bennelong Funds Management provide infrastructure, operational, compliance and distribution capabilities.
For further details on the Fund, please do not hesitate to contact us.
Meme Australian Share Fund
25 Aug 2015 - Australian Fund Monitors
In July, the Meme Australian Share Fund returned 5.56%, outperforming the ASX200 Accumulation Index (4.40%) by 1.16%.
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25 Aug 2015 - Meme Australian Share Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund's investment strategy seeks to identify low-risk entry opportunities and then build positions in these stocks. Once established in the portfolio, individual stock holdings are maintained for as long as their long-term upward trend remains intact and while they continue to make positive contributions to portfolio growth. Positions are reduced and ultimately closed out as their trends become exhausted or as their relative long-term performance against the broad market weakens. The Fund believes that longer time frame investments also provide a number of advantages. The effect of false signals and 'noise' which attend shorter term time frames is mitigated by only attending to signals which are confirmed by our longer term assessments. Also, the Fund gains exposure to the more expansive price trends which can last for months and years, allowing dividends and distributions received during this time to further enhance portfolio returns. |
| Manager Comments | Number of new investment opportunities arose in July, allowing the Fund to reallocate the cash previously generated, such that the fund is fully invested at month end. Almost all of this new investment is in stocks which lie outside the ASX200. The largest sector increases in the fund were in the Consumer Discretionary, Consumer Staples and Information Technology sectors. The Fund's rolling 3 month (May to July 2015) return was +2.07% compared to the markets' -0.82%. Click below to read the latest Fund Manager's commentary on the Fund. |
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Pengana Absolute Return Asia Pacific Fund
24 Aug 2015 - Australian Fund Monitors
The Pengana Absolute Return Asia Pacific finished -0.8% for the month of July, compared to the HFR Event Driven Index which closed -1.7%.
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24 Aug 2015 - Pengana Absolute Return Asia Pacific Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund will usually hold 40 to 80 positions and will be well diversified across the various event strategies. In keeping with the absolute return focus the Manager will eliminate market risk where appropriate by hedging market and foreign currency risks. Since inception the Fund has averaged a net equity market exposure of ~10%. Sizing of an investment position will depend on the expected risk adjusted returns while taking account the liquidity and volatility of the stock. In addition, the maximum potential loss on any one position should be greater than 0.5% of the NAV and the position should not exceed 30% participation of stressed volume assuming a $200m NAV. Other criteria considered are ability to hedge and the availability of pair candidates as well as the average bid-ask size. For M&A strategies average long position is 3 to 5.5% and average short position 2 to 5%. |
| Manager Comments | The deleveraging in China had a significant impact on the onshore equity markets which resulted in contagion into the region requiring state backed intervention in China to support prices. The Fund navigated the volatility by increasing short exposure to hedge their M&A positions exposed to China risk. The Fund ended the month with average net and gross exposure of 11% and 205% respectively. It was the Stubs and Index Futures strategies that contributed positively. However, the Capital Management Corp. and M&A strategies were the largest detractors. The country exposure as percentage (%) of NAV was most in Japan (60.8%), followed by Hong Kong/China (35.3%). Click below to read the complete Fund Manager's Report. |
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QATO Capital Market Neutral Long/Short Fund
21 Aug 2015 - Australian Fund Monitors
QATO Capital Market Neutral Long/Short Fund decreased 2.26% in July. The Fund's performance of 30.20%, over the latest 12 months has been strong.
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21 Aug 2015 - QATO Capital Market Neutral Long/Short Fund
By: Australian Fund Monitors
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| Fund Overview | The fund targets a net market exposure of 0% to hedge broader market risks through 30 S&P/ASX-100 positions (15 long and 15 short equally weighted positions). The turnover is generally averaged around 30% of the total portfolio each month. The process is entirely systematic - stock selection and risk management are all employed in a rules based approach. The Market Neutral Long/Short Fund employs no financial leverage, no derivatives and no financial products to imitate leverage. The Investment Manager's three principal investment goals for the Fund are: 1. Market neutral long/short portfolio management with little correlation to equity markets; 2. Over a 3-5 year period, seeking to target annualised volatility of 15% per annum and annualised returns of 15-30% per annum above the Benchmark; Sharpe Ratio 1.0-2.0 and a negative beta to ASX listed equities; and 3. To provide investors with a co-investment opportunity alongside the founding members' investments in the Investment Manager's strategy. |
| Manager Comments | In July, the Fund's benchmark, S&P/ASX-100 bounced back after a weak month in June, predominately driven by a strong beta rally in lower quality/higher beta companies. This proved challenging for the Fund's investment style, in particular the Fund's short positions. The long book however performed strongly as the Q-Score process selected a number of large outperformers to the S&P/ASX-100 Index. Click below to read the latest Fund Manager's commentary. |
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